NEW YORK — Martin Marietta Materials is buying its Texas Industries in an all-stock deal worth $2.06 billion, creating a leading supplier of aggregates and heavy building materials with a strong presence in large, fast-growing markets like California and Texas.

Martin Marietta said Tuesday shareholders of Texas Industries will get 0.7 shares of Martin Marietta for each share held. Based on Monday's closing price, that amounts to $71.95 per share.

Martin Marietta will also assume $700 million in Texas Industries' debt. It expects the deal to add to its net income in 2014 excluding one-time costs and assuming it is able to refinance the debt.

Martin Marietta sells granite, limestone, sand and gravel, and it had $2.16 billion in revenue in 2013. Texas Industries makes cement and building materials, and it had $697 million in revenue in its latest fiscal year.

The companies said that together, they have more than 400 quarries, mines, distribution yards, and plants in 36 states, Canada, the Bahamas and the Caribbean Islands.